Azerbaijan, Baku, Sep.24/ Trend F.Milad/
The Iranian oil industry can be developed more through channelling people's financial assets into projects, the deputy oil minister has said.
Some 40-50 billion dollars should be invested annually in the oil sector, Mohsen Khojasteh-Mehr added, the Shana news agency reported.
He referred to buy-back and issuing bonds as the means of financing oil projects.
In July, Iran's central bank opened a $10 billion line of credit for several upstream domestic oil projects.
Projects will also be funded by using 18 per cent of the National Development Fund's assets, selling $10 billion of foreign currency bonds and 15 trillion of rial-denominated bonds and by selling $10 billion worth of shares in Oil Ministry properties.
Iran puts 20 per cent of its oil revenues into a development fund which will reach $55 billion by the end of the Iranian year on March 20, 2013.